Friday, October 19, 2012
Woolloongabba Doubt
Monday, September 28, 2009
Gabba Central
GABBA CENTRAL APARTMENTS IN WOOLLOONGABBA BRISBANE
Don't buy these apartments. In August 2008 there were about 50 unsold apartments, out of 154 apartments in Stage 2 (i.e. Towers 3 & 4). Developer went 'broke' because they wanted to wash all the problems here off their hands. Now the developer's company is still under receivership, and there are still about 30 apartments unsold.
I am an owner (first hand) and have been living here for more than a year. Body Corporate has spent heaps of money fixing building defect (including external walls cracking, plumbing failure resulting in apartments flooded - thank god not mine).
Today the glass of a glass door between my bedroom and the balcony shattered by itself suddenly and without any prior warning! Had to get a glazier in to do urgent replacement and I don't know whether the cost would be covered by Body Corporate's building insurance."
Friday, November 14, 2008
Gabba Central Apartments Bowled Out
"Gabba Central's 270 luxury apartments, retail space and 300 underground carparks were slow to sell and value plunged as a result of Brisbane's stagnant property market and the global credit crunch."
"The Brisbane property is now in the hands of financiers UCIS, which is responsible for selling the remaining space at Gabba Central for market rate in order to recover the $31 million.
If the sales fail to cover the total debt, PKW is liable to hand over up to $10 million in cash or assets. Potentially this will involve Taranaki land and buildings held by the dairy giant."
My view was that this was a poor property.
Wednesday, February 13, 2008
Gabba Central
The Sunday Mail has a story today, which is not on its website, regarding delays at the Gabba Central apartment complex, stage 2, on Ipswich Road at Stanley Street near the Gabba cricket grounds.
This complex is on a noisy major intersection.
Many of the apartments in stage 1 are used for short term holiday rentals.
The Sunday Mail reports that one person who moved from Victoria who had purchased an apartment off the plan in stage 2 is living on the floor of a friend's house, as his apartment is not ready and no one is sure when the necessary approvals will be obtained. He is quoted in the article as saying: "The cheapest place I can rent in the complex (Stage 1) is $950 a week..." He obviously has not looked on realestate.com.au, where apartments in Gabba Central stage 1 are listed at $460 and $580 a week furnished.
I avoided this complex for two reasons (apart from the delays that the developer was having):
1. On a very busy intersection.
2. The developer's advertising. Floor plans showed bedrooms that are 3m x 3m, and showed the bed taking up only a small part of the room. For example a bed was shown as about 150cm long, which is not to scale. In fact, most of the furniture shown on the plans was not to scale, and so makes the rooms look bigger. Also, for stage 1, there was no disclosure that part of the complex was a hotel or serviced apartment complex -- the plans shown to potential purchasers did not label the reception area as a reception area for example.
Interestingly, the developer's website currently says that settlement will take place in 2007 and that the complex "is scheduled for completion in August 2007." Clearly, not only is the developer late, he is not diligent in updating his promotional website.
In wonder if this is the developer's first large residential development? Its website states:
"Barron Developments have built a formidable reputation in the real estate industry as developers of landmark lifestyle and commercial precincts. Their past successes include the retail projects of Helensvale Plaza and 19th Avenue Shopping Centres.
Each project presents new challenges and requires a fresh, forward thinking perspective. In the Gabba Central precinct, Barron Developments have successfully fused innovative design with a concept of city fringe living that leaves nothing to be desired."